Despite such efforts, the PRC seems simply to be dressing-up what were, until recently, insolvent banks in the hope that international capital markets will contribute to bailing them out. This process involves the off-loading of non-performing loans onto asset management companies in a fashion very reminiscent of the U.S. savings and loan crisis. Indeed, the PRC appears, in fact, to have modeled its strategy on the American experience.
No it started with the Democratic paper/finance crisis with Soros, Paulson and Golman Sachs along with Obama and the Democrats during the Oct. surprise of 2008!